Funds contributed by CHBTC to ETC core development will be applied to accelerate the introduction of solutions to the so-called “difficulty bomb”. These solutions are important to ensure long-term viability of PoW mining on Ethereum Classic blockchain.

Another initiative that received CHBTC funding is focused on ETC community building in China. It will support localisation of ETC materials and development of the official Chinese ETC website located at ethereumclassic.cn, as well as community websites and news portals. A portion of the donation will also fund organizing ETC meetups and other community events in different cities around the country.

The Ethereum Classic community would like to express deep gratitude to CHBTC for this important contribution to ETC’s development. It will serve to strengthen the Ethereum Classic technical community as well as ETC’s position in China and worldwide.

Founded in 2013, CHBTC is one of the mainstream digital currency exchanges in China, offering Bitcoin, Litecoin, Ethereum and Ethereum Classic trading and 3 times margins. Headquartered in Zhongshan, China, CHBTC serves a global customer base. It is number one exchange in China for ETH and ETC trading, and fourth BTC trading platform by volume.

Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Ethereum Classic is a continuation of the original Ethereum blockchain - the classic ‘unforked’ version; free from external interference and subjective tampering of transactions.